Roxville Associates has acquired a 10-year, fixed rate loan for the Roxbury Mall, in Succasunna, according to a Tuesday announcement from JLL Capital Markets, which represented the borrower and helped secure the financing.
The approximately 700,000-square-foot regional power center includes a market-dominant grocery store and is located within the West Morris retail submarket.
Managed by Fidelity Management of Chatham, Roxbury Mall has a diverse roster of national and local tenants, including Home Depot, ShopRite, Kohl’s, Ramsey Outdoors, Petco, Panera, U.S. Post Office and Planet Fitness. The center’s grocery anchor, ShopRite, has been operating at the center since 1974. Roxbury Mall also includes a 60,000-square-foot medical office building with a surgery center and a 30,000-square-foot office building.
Located at 275-281 State Route 10, the center is just a half mile away from State Route 46 and two miles from Interstate 80, providing unparalleled access to the center. Surrounding the subject property are affluent residential neighborhoods comprised predominantly of single-family homes, with 35,000 residents within three miles of the property, and an average household income of approximately $140,000.
The JLL Retail Capital Markets team that represented the borrower was led by Senior Managing Directors Jon Mikula and Jim Cadranell and associate Ryan Carroll.
“Necessity retail continues to be in favor in the debt market,” Mikula said. “Roxville Associates and its managing agent, Fidelity Management LLC, have created a one-stop-shop experience in the region.”